|
|
|||||
| Home | Traditional Method | Sample Pictures | FAQ | Contact Us | About Us |
How do I contact BOWSS Inc? How do I contact my local salesperson? Email your city and state or zip code information to 
Can I purchase Good Steward online? Good Steward Financial Management Application can be purchased online at BOWSS ONLINE STORE
BOWSS ONLINE STORE is also carrying the book, "Barren Women Birthing Nations" by Minister Beverly Luckett. What is a surplus amount? A surplus amount is any amount leftover after all planned or budgeted expenses have been funded. These planned expenses include amounts that are stored for future use, such as amounts for, vacation, gift giving, savings, etc. This surplus definition may differ from what others consider a surplus amount. Some others consider a surplus amount as any amount leftover after all necessary expenses have been funded, such as, rent, food, utilities, etc. This second definition of surplus amount is used in paycheck-to-paycheck type living. This second definition of surplus amount does not uphold the statement, "Tell your money where you want it to go." For example using the second definition: If you plan to have $1000.00 for vacation 6 months in the future, and during the 6 month period you spend some of your surplus on unexpected expenses, then you may not have the $1000.00 for vacation as planned. This example could also be used for any savings amount you include in your budget. Good Steward supports the first definition of a surplus amount. Therefore, when you maintain a minimum surplus amount of $0.00, and have a positive balanced budget amount, you can be assured that all planned expenses are fully funded. What is a debt amount? Debt is spending money before you earn it. A debt amount is any amount that is owed or due to others, or to one's self. This debt definition may differ from what others consider a debt amount. Some others consider a debt amount as any amount owed to others only. This second definition of debt amount does not uphold the statement, "Tell your money where you want it to go." For example using the second definition: If you plan to have $1000.00 for vacation 6 months in the future, and during the 6 month period you spend some of your vacation funds on unexpected expenses, then you may not have the $1000.00 for vacation as planned. You are in debt to yourself. This example could also be used for any savings amount you include in your budget. Good Steward supports the first definition of a debt amount. Therefore, when you maintain a minimum debt amount of $0.00, and have a positive balanced budget amount, you can be assured that all planned expenses are fully funded. What is a balanced budget amount? A budget is a spending plan. A balanced budget amount is the amount produced after subtracting all budgeted liability amounts from all budgeted asset amounts. If the amount is $0.00 or positive, then the budget is balanced. If the amount is negative, then the budget is not balanced, and is therefore increasing debt or reducing surplus. If the balanced budget amount is $0.00, then a surplus is produced only when the actual expense amount is less than the budgeted amount for the expense. This surplus can only be determined in the future when the expense occurs. Why is it important to live debt-free? If the information presented on our home page is not enough to convince you of the importance of living debt-free, then read the information at the following links. Why live debt free? Reason 1. Lynnette Khalfani is the author of "Zero Debt: The Ultimate Guide to Financial Freedom". Why live debt free? Reason 2. J. Thomas Black is a bankruptcy attorney. Why live debt free? Reason 3. Dave Ramsey is the author of "The Total Money Makeover". What is account management? Account management is the act of managing, handling with a degree of skill, a record of debit and credit entries to cover transactions involving a particular item. Good Steward makes account management simple by encouraging the entry of all transactions for planned expenses at the beginning of the budget cycle. The focus of account management is to ensure funds are available in a particular account for current and future withdrawal transactions. The focus of Good Steward is to ensure funds are available for the spending plan at all times. "Account management will tell you whether you have the money to buy something. Good Steward will tell you whether you can afford to buy something." What are unplanned or unexpected expenses? Unplanned expenses are any expenses that are not included or considered when making a spending plan. An emergency expense may be considered an unplanned expense only if the emergency expense is not included in the spending plan. Not all unplanned expenses are emergencies. We all have unplanned expenses because in reality we do not know what tomorrow will bring. The younger you are, the more unplanned expenses you are likely to have. The more changes you have in your financial situation, such as, marriage, additional to family, relocation, new home, the more unplanned expenses you will have. Trivia: When is credit not credit? Credit is not credit when it must be paid back. What does a budget look like? "Give every dollar a purpose every year at the beginning of the year." Financial Management Basics (Rich Text Format) The following budget accounts for every dollar received as income. Given this zero balanced budget amount, a surplus is produced only when the actual expense amount is less than the budgeted amount for the expense. This surplus can only be determined in the future when the expense occurs. Asset or Income is $800.00 per week = $41,600 per year. Liabilities or Expenses are the following: TAXES = 25% of Gross = 200 per week = 10,400 per year, deducted automatically from paycheck Insurance - health = $40.00 per week = 2,080 per year, deducted automatically from paycheck Giving - Tithe = 10% of Gross = 80 per week = 4,160 per year Savings = 10% of Gross = 80 per week = 4,160 per year Meals = $250.00 per month = 3,000 per year Rent = $600.00 per month = 7,200 per year Utilities = $300.00 average per month = 3,600 avg. per year, (electricity/gas/water/phone) Transportation = $20.00 per week = 1,040 per year Entertainment = $50.00 per month = 600 per year Vacation = $1000.00 per year Holiday = $1000.00 per year Miscellaneous = $3360.00 per year = 64.62 per week In the previous budget, the number of expense items listed can increase or decrease based on your responsibilities. In the following budget, the number of expense items listed is more fixed. The first two items are not included in any particular month because they are deducted automatically from the paycheck. TAXES = 25% of Gross = 200 per week = 10,400 per year, deducted automatically from paycheck Insurance - health = $40.00 per week = 2,080 per year, deducted automatically from paycheck January = $2260.00 per year = (4160 + 4160 + 3000 + 7200 + 3600 + 1040 + 600 + 3360)/12 February = $2260.00 per year March = $2260.00 per year April = $2260.00 per year May = $2260.00 per year June = $2260.00 per year July = $3260.00 per year = $2260.00 + $1000.00 for Vacation August = $2260.00 per year September = $2260.00 per year October = $2260.00 per year November = $2260.00 per year December = $3260.00 per year = $2260.00 + $1000.00 for Holiday The second budget is best represented in Good Steward using the following items: TAXES = 25% of Gross = 200 per week = 10,400 per year, deducted automatically from paycheck Insurance - health = $40.00 per week = 2,080 per year, deducted automatically from paycheck Jan. - Dec. = $2260.00 per month = (4160 + 4160 + 3000 + 7200 + 3600 + 1040 + 600 + 3360)/12 Vacation = $1000.00 per year Holiday = $1000.00 per year Return to Top |
||||||||||||||
| Home | Traditional Method | Sample Pictures | FAQ | Contact Us | About Us |